In an effort to help boost merchant adoption of secure payment terminals, American Express® plans to introduce its Small Merchant EMV Assistance Program to reimburse qualifying businesses that upgrade their terminals.
The program, which will begin in February, will help eligible U.S. small businesses defray the cost of new payment terminals that accept secure chip-based credit cards, commonly referred to as EMV cards. American Express will also provide educational resources about new security standards.
“We know from speaking with our smallest merchants that they are too busy running the day-to-day operations of their businesses to keep up with the constantly-changing fraud landscape,” said Anré Williams, President, Global Merchant Services, American Express, in a prepared statement. “That is why we’re launching this program to help educate small merchants about point-of-sale security and offset the cost of upgrading their terminals.”
EMV technology, already adopted by many other nations worldwide, enhances the security of payment transactions by storing data on a microchip embedded in a credit card instead of a magnetic strip. The chip exchanges unique information with an EMV-enabled terminal each time the card is used, making it more difficult for hackers and identity thieves to clone the cards. Payment terminals at the point of sale, however, must be equipped with the technology necessary to read the chip.
Under the terms of its new program, eligible merchants that have upgraded their terminals can request a one-time $100 reimbursement from American Express, which has committed to providing up to $10 million in reimbursements to U.S. small merchants that submit a request and supporting documentation by April 30, 2015. To qualify for a reimbursement, a U.S. small merchant must have less than $3 million in annual American Express charge volume; franchisees are not eligible.
Merchants who are interested in upgrading to EMV-enabled terminals can contact the processor or terminal provider of their choice. TransFirst® offers a number of terminal options, including traditional countertop models from VeriFone and Ingenico, as well as wireless terminals from Ingenico and VeriFone.
Additionally, ask a TransFirst representative about our American Express Card processing option* featuring one payment processing contract that covers all major payment card brands. TransFirst assumes the risk and liability for American Express transaction processing, and provides the same 24/7, U.S.-based merchant support for American Express questions and transactions that we offer for other card brands.
* All merchants subject to credit approval. Merchants eligible to accept American Express Cards now through this offer are those that process less than $1,000,000 in American Express annual charge volume. Certain restrictions and exclusions may apply. Offering subject to change at any time.
TransFirst, LLC is a registered ISO/MSP of Wells Fargo Bank, N.A. and Synovus Bank for MasterCard® and Visa® transactions only.